BENGALURU: Police are on the look-out for seven employees of a cash management service who had siphoned off over Rs 1.3 crore in cash, which was meant to be loaded into ATMs, in over a year. The fraud took place at the Axis Bank, Koramangala branch, on 80-ft Road. Two separate FIRs were registered at the Koramangala police station against the seven staff members on January 19.
A senior police officer said the accused, including a woman, were custodians employed by Hitachi Payment Services Ltd. They were assigned to load and manage cash in various ATMs across the city. The accused collected cash from the bank but stole a portion of it, ranging from Rs 1 lakh to 2 lakh, by not depositing it into the ATM machines and instead using it for their personal benefit.
The alleged fraud took place between April 2024 and June 2025, according to the company’s internal investigation, following which a complaint was filed. An FIR was registered against Praveen, Dhanashekar, Harish Kumar and Ramakka for misappropriating Rs 57,96,400. Another FIR was registered against Harish Kumar, Praveen and Varun for misappropriating Rs 80,49,000.
The two cases were registered under Sections 316 (criminal breach of trust) and 318 (cheating) of the BNS. Police said they are verifying documents related to the misappropriation and other details, and are searching for the accused.